MTBC, Inc. (NASDAQ:MTBC) (NASDAQ: MTBCP), a leading provider of
cloud-based healthcare IT solutions and services, today announced
that its shares were uplisted effective this morning from the
Nasdaq Capital Market tier to the exclusive Nasdaq Global Market.
The Nasdaq Global Market consists of approximately 1,450 leading
companies that meet Nasdaq's strict financial, liquidity and
corporate governance standards. Prior to today's uplisting, the
company's shares had been traded on the Nasdaq Capital Market tier
since its IPO in July 2014.
"During the five years since our IPO, MTBC has
grown at a compound annual growth rate of 37%, from $10 million in
revenue in 2013 to over $50 million in 2018, and we expect to
generate between $63 and $65 million during 2019," said Stephen
Snyder, Chief Executive Officer. He continued, "In addition to our
top-line growth, we doubled our adjusted EBITDA year-over-year
during 2018, expect to generate $8 to $10 million in adjusted
EBITDA during 2019, and continue to remain virtually debt-free.
We're thankful to our passionate employees, clients, and
shareholders for enabling our success and positioning us to achieve
this uplisting to the Nasdaq Global Market tier."
The Company's common stock will continue to
trade uninterrupted under the symbol "MTBC," and its Series A
Preferred Stock will continue to trade uninterrupted under the
symbol "MTBCP."
About MTBC
MTBC, Inc. is a healthcare information
technology company that provides a fully integrated suite of
proprietary web-based solutions, together with related business
services, to healthcare providers throughout the United States. Our
integrated Software-as-a-Service (SaaS) platform helps our
customers increase revenues, streamline workflows and make better
business and clinical decisions, while reducing administrative
burdens and operating costs. MTBC's common stock trades on the
Nasdaq Global Market under the ticker symbol "MTBC," and its Series
A Preferred Stock trades on the Nasdaq Global Market under the
ticker symbol "MTBCP."
For additional information, please visit our
website at www.mtbc.com.
Follow MTBC on LinkedIn, Twitter and
Facebook.
Use of Non-GAAP Financial Measures
In our press releases, conference calls, slide
presentations, and webcasts, we use and discuss non-GAAP financial
measures, as defined by SEC Regulation G. The GAAP financial
measure most directly comparable to each non-GAAP financial measure
used or discussed, and a reconciliation of the differences between
each non-GAAP financial measure and the comparable GAAP financial
measure, are included in this press release after the condensed
consolidated financial statements. Our earnings press releases
containing such non-GAAP reconciliations can be found in the
Investor Relations section of our web site at ir.mtbc.com.
Forward-Looking Statements
This press release contains various
forward-looking statements within the meaning of the federal
securities laws. These statements relate to anticipated future
events, future results of operations or future financial
performance. In some cases, you can identify forward-looking
statements by terminology such as "may," "might," "will," "should,"
"intends," "expects," "plans," "goals," "projects," "anticipates,"
"believes," "estimates," "predicts," "potential," or "continue" or
the negative of these terms or other comparable terminology.
Our operations involve risks and uncertainties,
many of which are outside our control, and any one of which, or a
combination of which, could materially affect our results of
operations and whether the forward-looking statements ultimately
prove to be correct. Forward-looking statements in this press
release include, without limitation, statements reflecting
management's expectations for future financial performance and
operating expenditures, expected growth, potential acquisitions,
profitability and business outlook, increased sales and marketing
expenses, and the expected results from the integration of our
acquisitions.
These forward-looking statements are only
predictions, are uncertain and involve substantial known and
unknown risks, uncertainties and other factors which may cause our
(or our industry's) actual results, levels of activity or
performance to be materially different from any future results,
levels of activity or performance expressed or implied by these
forward-looking statements. New risks and uncertainties emerge from
time to time, and it is not possible for us to predict all of the
risks and uncertainties that could have an impact on the
forward-looking statements, including without limitation, risks and
uncertainties relating to the Company's ability to manage growth,
migrate newly acquired customers and retain new and existing
customers, maintain cost-effective operations in Pakistan and Sri
Lanka, increase operational efficiency and reduce operating costs,
predict and properly adjust to changes in reimbursement and other
industry regulations and trends, retain the services of key
personnel, and other important risks and uncertainties referenced
and discussed under the heading titled "Risk Factors" in the
Company's filings with the Securities and Exchange Commission.
The statements in this press release are made as
of the date of this press release, even if subsequently made
available by the Company on its website or otherwise. The Company
does not assume any obligations to update the forward-looking
statements provided to reflect events that occur or circumstances
that exist after the date on which they were made.
SOURCE MTBC
Company Contact:Bill KornChief
Financial OfficerMTBC, Inc. bkorn@mtbc.com
Investor Contact:Matt Kreps,
Managing DirectorDarrow Associates Investor
Relationsmkreps@darrowir.com (214) 597-8200
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